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Federal Reserve Proposes Adding Certain Investment Grade General Obligation State And Local Municipal Bonds To Types Of Assets Big Banks May Hold To Meet Liquidity Needs During Time Of Financial Stress
May 21, 2015--The Federal Reserve Board on Thursday proposed adding certain general obligation state and municipal bonds to the range of assets a banking organization may use to satisfy regulatory requirements designed to ensure that large banking organizations have the capacity to meet their liquidity needs during a period of financial stress.
Under the Liquidity Coverage Ratio (LCR) requirement adopted by the federal banking agencies last September, large banking organizations are required to hold high-quality liquid assets (HQLA) that can be easily and quickly converted into cash within 30 days during a period of financial stress.
view the Liquidity Coverage Ratio: Treatment of U.S. Municipal Securities as High-Quality
Liquid Assets
Source: FRB (Federal Reserve Board)
Chinese Commercial Paper Attracts Investors in the US Fixed Income ETF Market
May 21, 2015--E Fund Management (Hong Kong) Co., Ltd. ("E Fund HK"), the Hong Kong subsidiary of E Fund Management Co., Ltd., is pleased to announce that the China Commercial Paper ETF, jointly launched and managed with KraneShares, has been operated smoothly since its establishment, and become the largest RQFII bond ETF in the US market.
Listed on 3 December 2014 on the New York Stock Exchange (NYSE), the ETF, seeking to deliver yields from investment grade commercial papers issued in Mainland China, is the first RQFII commercial paper ETF in the United States and the first short term RQFII bond ETF with interbank market access outside China.
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Source: Bloomberg
ETF model puts active managers to the test
NextShares offers a way to trade an active fund on an exchange
May 20, 2015--As this column often notes, active investors charge too much.
This is only in part because they are greedy. It mainly reflects the problem that their costs exceed the small returns they can collectively eke out of stock markets over and above market benchmarks.
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Source: FT.com
U.S. SEC to propose rules to gather more data on asset managers
May 20, 2015--U.S. securities regulators were poised to propose new rules on Wednesday that would require mutual funds and other asset managers to report much more detailed data about their holdings
The Securities and Exchange Commission's plan is one of a series of reforms announced late last year by SEC Chair Mary Jo White.
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Source: Reuters
BlackRock, SSgA push beyond ETFs for asset allocation
May 20, 2015--BlackRock and State Street Global Advisors are deepening their push into all-exchange traded fund portfolios by repackaging strategies they offer advisers in other vehicles as mutual funds.
SSgA filed last month to offer mutual fund versions of State Street Income Allocation, State Street Multi Asset Real Return and State Street Global Allocation funds. It currently offers those products as ETFs of ETFs.
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Source: FT.com
U.S. SEC to propose rules to gather more data on asset managers
May 20, 2015--U.S. securities regulators were poised to propose new rules on Wednesday that would require mutual funds and other asset managers to report much more detailed data about their holdings.
The Securities and Exchange Commission's plan is one of a series of reforms announced late last year by SEC Chair Mary Jo White.
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Source: Reuters
SEC Proposes Rules to Modernize and Enhance Information Reported by Investment Companies and Investment Advisers
Proposals Would Improve Quality and Accessibility of Information for Investors and Regulatory Monitoring
May 20, 2015--The Securities and Exchange Commission today proposed rules, forms and amendments to modernize and enhance the reporting and disclosure of information by investment companies and investment advisers.
The new rules would enhance the quality of information available to investors and would allow the Commission to more effectively collect and use data provided by investment companies and investment advisers.
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Source: SEC.gov
FRB: Minutes Of The Federal Open Market Committee, April 28-29, 2015
May 20, 2015--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 28-29, 2015.
The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board's Annual Report. The descriptions of economic and financial conditions contained in these minutes are based solely on the information that was available to the Committee at the time of the meeting.
view the minutes
Source: FRB
Sorry Mr Bogle, ETFs do benefit investors
May 20, 2015--This year, John Bogle, the founder of Vanguard and the inventor of the first index fund nearly 40 years ago,
said he was dubious about the value of the ETFs for long-term investors" and that "traders and brokers are the only winners of short-term trading".
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Source: Financial News
New robo-adviser offers more than just ETFs
May 19, 2015--The battle of the bots is heating up in Canada's wealth management industry with the newest robo-adviser, Invisor Investment Management Inc., entering the marketplace.
The online portfolio manager launched Tuesday in Ontario and Manitoba offering clients the ability to open an investment account with no minimum balance required.
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Source: Globe and Mail
